Gold futures gain 0.23 per cent on strong global cues, spot demand

NEW DELHI: Gold futures prices on Wednesday rose by 0.23 per cent to Rs 30,719 per 10 grams as speculators enlarged positions after the precious metal climbed to nearly three-month high in global markets as a weaker dollar increased its appeal as an alternative investment.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 70, or 0.23 per cent, to Rs 30,719 per 10 grams, with a business turnover of 66 lots.

In a similar fashion, the metal for delivery in October moved up by Rs 68, or 0.22 per cent, to Rs 30,386 per 10 grams in 1,590 lots.

Marketmen said the rise in gold futures was mainly due to a firm global trend, where it surged to three month high as weaker dollar raised appeal for the precious metal as an alternative investment.

Besides, firm demand at domestic spot markets also supported the upside, they added.

Meanwhile, gold gained 0.02 per cent to USD 1,639 an ounce in Singapore. It reached USD 1,641.48 an ounce yesterday, the highest since May 7.